BlackRock withdraws 4044 Bitcoin (BTC) en masse from Coinbase over past 3 days… presumed holding purpose
Summary
- It was reported that BlackRock has withdrawn 4044 Bitcoin (BTC) and 81121 Ethereum (ETH) en masse from Coinbase over the past 3 days.
- They said such large withdrawals, moving to personal or custody wallets, are likely for long-term holding (accumulation).
- They said BlackRock's withdrawals could be linked to securing assets for spot ETFs, and the market is watching whether this will lead to increased institutional buying.
The world's largest asset manager BlackRock (BlackRock) has reportedly withdrawn large amounts of Bitcoin (BTC) and Ethereum (ETH) from Coinbase.
On the 28th (local time), according to Onchain Lens, an on-chain analysis account for virtual assets (cryptocurrencies), BlackRock moved 300 BTC and 16629 ETH from Coinbase within the past 10 minutes.
It was also analyzed that a total of 4044 BTC and 81121 ETH were withdrawn from Coinbase over the past 3 days.
Generally, withdrawals from exchanges to personal wallets or custody wallets are interpreted as for long-term holding (accumulation), so BlackRock's aggressive asset movements are drawing attention in the market.
BlackRock is currently the issuer of the Bitcoin spot ETF IBIT, and the possibility of securing underlying assets due to increased ETF demand is also being discussed.
Market attention is focused on whether this withdrawal flow will lead to an expansion of institutional buying.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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